Supernet Technologies approves Rs914.8mn rights issue to fund expansion
- The issue represents around 85 percent of the company’s existing paid-up capital
Supernet Technologies approved a Rs914.77 million rights issue to bolster its capital, fund expanding technology projects, and support its strategic growth following a significant merger and regional expansion.
- Strategic merger with Supernet Limited and regional market expansion.
- Securing a Rs1 billion contract for communications infrastructure.
- Strengthening the company's balance sheet and capital structure.
Supernet Technologies Limited (STL) announced on Wednesday that its Board of Directors had approved a rights issue of approximately Rs914.77 million to strengthen the company’s capital base and support its expanding portfolio of technology projects.
“The board approved the issuance of 91,476,554 ordinary shares at Rs10 per share, in the proportion of approximately 85 rights shares for every 100 ordinary shares held by eligible shareholders,” STL said.
The issue represents around 85% of the company’s existing paid-up capital and remains subject to completion of the applicable legal and regulatory processes, it added.
The statement said that the decision follows a period of significant strategic and operational transformation for Supernet Technologies, including the completion of its merger with Supernet Limited, “expansion of its regional footprint through the Supernet Global platform and continued growth across digital infrastructure, cybersecurity, cloud, connectivity, managed services, enterprise networking and technology integration”.
The merger has created a larger and more diversified technology platform, bringing together complementary capabilities and enabling the company to offer integrated and secure solutions to governments, enterprises and critical-infrastructure customers.
“Supernet is also leveraging its presence in the UAE to pursue business opportunities across the Middle East, Africa and Central Asia, while continuing to consolidate its position in Pakistan.
The company’s strategic progress is increasingly being reflected in its commercial performance. Supernet has secured a series of significant projects across cybersecurity, enterprise technology and communications infrastructure, alongside expanding its presence in regional markets.”
Earlier, the company announced the award of a contract valued at approximately Rs1 billion for the enhancement and modernisation of critical communications infrastructure in Pakistan.
As per the company, the rights issue is expected to strengthen Supernet Technologies’ balance sheet, optimise its capital structure and improve its ability to respond to evolving customer requirements and emerging market opportunities.
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